Independent data-driven reporting, analysis and commentary on the psychedelics space: from business and drug development through to policy reform and culture.
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Q3 2025 saw just over $120M flow into psychedelics companies, with atai Life Sciences, Reunion Neuroscience, and Sensorium Therapeutics leading the way. Explore key trends, public vs. private dynamics, and how the markets are reacting to trial and regulatory news in our Q3 roundup.
Psychedelic Alpha’s Josh Hardman speaks with clinical psychologist and trauma researcher Dr. Samuli Kangaslampi about how psychedelics affect autobiographical memory. They discuss the historical context from LSD and “truth serum” sessions to the Satanic Panic, the renewed debate sparked by a recent New York Times feature, and the clinical and ethical challenges posed by so-called “recovered” memories under psychedelics.
Oregon Psilocybin Services (OPS) has now published its second dataset for 2025, with updates summarised in our Oregon Psilocybin Services Tracker. Here, we share a summary of the main takeaways for Pα+ subscribers.
Pα+ subscribers receive regular Bulletins, articles, interviews with insiders and quick-take analysis of major stories and developments (e.g., significant trial results, financing rounds, policy reforms, etc.); along with access to our back catalogue and Library.
INCUBATION & GROWTH
Whether you’re at the idea-formation stage or raising early-stage funding, we’re here to help across the entire psychedelic value chain and company life-cycle.
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We help investors and corporates of all stripes understand and support the psychedelics space: from syndicates and VCs through to institutions.
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Join our newsletter to stay abreast of the rapidly emergent psychedelics industry: from clinical trials and patents through to healing centres and decriminalisation.
After a half-century of prohibition, psychedelics are once again entering the mainstream.
Today’s so-called “psychedelic renaissance” is represented by a seemingly exponential increase in research and development activity, billions of dollars of funding, psychedelic policy reform initiatives and successes across the world, and changing public perceptions. ∎
Clinical trials involving psychedelics started, per year
Phase 3 studies of several psychedelics are underway.
Psychedelic policy reforms are gaining pace at the federal, state and local level in the U.S. and internationally.
of psychiatrists agreed that psychedelics show promise in treating psychiatric disorders.
Barnett et al., 2023
‘Alpha’, in the investing world, refers to an excess return on investment relative to a benchmark. But we broaden the definition of alpha on both ends to include more than just economic returns on more than just economic investments.
Instead, we conceptualise alpha as the excess return on myriad investments that people may make in the present and future of psychedelics: beyond economic capital, people might invest time, energy, and effort, for example. And that excess return might not be (purely) financial, it might also be realised through a more impactful treatment paradigm for mental health, for example, where the ‘benchmark’ is the inadequate status quo.
All this to say, we’re not only for investors. In fact, most of our readers aren’t: many of them are practitioners, regulators, entrepreneurs, and so on. ∎
Psychedelic Alpha is an independent newsletter and community that strives to empower a diverse constellation of individuals and organisations with the knowledge, network and nuance to make an impact within the field of psychedelic medicine and beyond
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